With the busy spring season almost behind and summer right around the corner, now is usually a good time to reflect on how the local real estate market in St. Paul and the rest of the Twin Cities region is faring.
Pending sales across the metro area were up by well over 12% year-over-year in the month of March, while median sales prices also jumped by nearly 6% to $220,000. In all, 5,861 new purchases agreements have been signed by buyers while the sales-to-list price is also now up to 96.7%, which couldn’t be better news if you’re thinking about selling your St. Paul home.
Homes in the Twin Cities area are also selling in less time than last year as well, with the cumulative days on market dropping by 17.5% to 85 days. Unfortunately, inventory is also still quite low in St. Paul and the surrounding area, with some reports saying Twin Cities housing inventory has now reached a 10-year low.
Homes listed under $222,000 are selling the quickest right now, taking an average of 22 months to sell, while homes priced over $417,000 are taking an average of 7.3 month to unload. Previously owned homes are also out-performing new construction right now, but some of that can likely be attributed by an overall lack of new homes all throughout the Twin Cities metro area.